The two NR's are as follows:
January 14, 1999
Trading Symbol: SHG
TRANSFER OF INTEREST IN BAROYA PROPERTY, MALI
Vancouver, B.C. - Shiega Resources Corporation (the "Company") announces that, subject to regulatory approval, it has terminated its Joint Venture Agreement with Robex Resources Inc. (Robex), relating to the Baroya Concession in Mali, and agreed to transfer its 65% interest in the Baroya Concession to Robex. The consideration for the transfer of the interest will be 200,000 shares of Robex and a 1% N.S.R. on future production. The N.S.R. interest can be purchased by Robex for $500,000. Robex has also agreed to cancel any right it has to an interest in the Company's Yatia Property.
The Company will focus its efforts on the projects in Ghana.
ON BEHALF OF THE BOARD OF DIRECTORS
OF SHIEGA RESOURCE CORPORATION
"Signed"
Donald Nicholson
Director
**********************************
January 20, 1999
Trading Symbol: SHG
AUREX AB AND SHIEGA RESOURCES CORPORATION ANNOUNCE INTENT TO MERGE
Vancouver, B.C. - Shiega Resources Corporation ("Shiega") and Aurex AB ("Aurex") announce that negotiations are in progress with the intent of merging the two companies.
Aurex is a Swedish company which holds mineral exploration interests in Scandinavia and operates a gold recovery mill in the Bolgatanga region of Northern Ghana. The shares of Aurex are traded on the SDI market in Stockholm.
Shiega is a Canadian company holding interests in both Northern and Southern Ghana. The interests in the north, which include a small gold recovery plant, are nearby and complementary to those of Aurex. The interests in the south include a gold project in the Nkroful area which is the subject of an option agreement with Ashanti whereby Ashanti can earn a 65% interest.
Possible terms for a merger of the two companies under the Chairmanship of Peter Zeidler and with Tore Hallberg as Managing Director are under discussion. It is anticipated that the merger would be accomplished by offering the Shiega shareholders approximately 0.6 shares of Aurex or of a merged company, for each share of Shiega held by them. The intended results would be that Aurex, or the merged company would have 25.2 million shares outstanding, 12.6 million shares of which would be held by the shareholders of Shiega. Any such offer would require the approval of the Boards of Directors and shareholders of both companies and would be conditional on approval of the applicable regulatory authorities.
For further information contact:
Tore Hallberg, Managing Director, Aurex AB, tel: +46 31 131190
Donald Nicholson, President, Shiega Resources Corporation, tel: (604) 684-4100
ON BEHALF OF THE BOARD OF DIRECTORS
OF SHIEGA RESOURCE CORPORATION
"Signed"
Donald Nicholson
Director
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Well, my feelings are that Africa was their prime area of interest. A JV, or rather a merger, with Aurex would be fine by me as long as it's equitable and increases the value to shareholders over time - perhaps the two working together as one would accomplish much more than if they were "competing" for gold projects.
Yes, the Baroya Concession was touted by SHG but they've obviously shifted their goals and objectives.
Bottom line: I don't care what they do, as long as they do something to increase the current share price! :-)
Wats |
